The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.

The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.

Approval of the Application by ESB Acquisition Corp.

Friday, November 14, 2003

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by ESB Acquisition Corp., New York City, to become a bank holding company by acquiring 100 percent of the voting shares of Emigrant Bancorp, the parent of Emigrant Savings Bank, each of New York City.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.